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OncoGenex Reports First Quarter Financial Results
Date:5/6/2010

Conference Call on Thursday, May 6, 2010 at 4:30 p.m. Eastern Time

BOTHELL, WA, and VANCOUVER, May 6 /PRNewswire-FirstCall/ - OncoGenex Pharmaceuticals, Inc. ("OncoGenex" or the "Company") (NASDAQ: OGXI) today reported unaudited financial results for the three months ended March 31, 2010 and reviewed the Company's highlights for the first quarter of 2010.

Financial Results

Revenue for the first quarter ended March 31, 2010 was $4.7 million, of which $1.9 million consisted of partial recognition of deferred collaboration revenue representing OncoGenex's contribution to the OGX-011 Phase III development plan under our Collaboration and License Agreement with Teva Pharmaceutical Industries Ltd. ("Teva"). The remaining $2.8 million of revenue relates to OGX-011 manufacturing costs incurred by OncoGenex in the first quarter of 2010 that are reimbursable from Teva on a cash basis, and is included in amounts receivable at March 31, 2010. As of March 31, 2010, $24.6 million of the upfront payment received from Teva was included on the Company's balance sheet as deferred collaboration revenue which we are amortizing over the expected performance period of our deliverables under our agreement. We currently expect this performance period to end in the fourth quarter of 2012. In the three months ended March 31, 2009, no revenues were reco
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SOURCE OncoGenex Pharmaceuticals, Inc.
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